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Problem 5-2 True / False Questions If this problem is assigned as a homework turn-in, remove and use the answer sheet on Pg 212 to record and turn-in your answers. T Circle True or False for the following questions: F 1. As a result of the closing process, all General Ledger accounts will be reset to zero. F 2. The After Close Balance for both revenue and expense accounts should always be a zero balance. T T F 3. During the closing process for expense accounts, the Retained Earnings account is debited, which decreases Retained Earnings. T F 4. During the closing process for revenue accounts, the Retained Earnings account is credited, which increases Retained Earnings. T F 5. If the sum of the Ending Balance(s) in the revenue account(s) is greater than the sum of the Ending Balances in the expense accounts, then Retained Earnings will increase as a result of the closing entries. T F 6. The temporary accounts should always have a zero balance on the Post-Closing Trial Balance T F 7. The Post-Closing Trial Balance should be prepared after the Income Statement is prepared but before the Balance Sheet is prepared. T F 8. Adjusting entries should be entered into the General Journal and posted to the General Ledger accounts after preparing a Pre-Closing Trial Balance. T F 9. The asset account balances, liability account balances, and the Common Stock account balance will always be the same on both the Pre-Closing Trial Balance and the Post-Closing Trial Balance. T F 10. The Retained Earnings amount on the Post-Closing Trial Balance will always be greater than the Retained Earnings amount on the Pre-Closing Trial Balance